Ripple Price Technical Analysis – XRP/USD Could Retest $0.5000

Ripple Price Technical Analysis – XRP/USD Could Retest $0.5000

Key Highlights

Ripple price failed to move higher and it recently traded below $0.6000 against the US dollar.

There is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair (data source from SimpleFx).

The pair is likely to extend the current decline towards the next support at $0.5000.

Ripple price is struggling a lot against the US Dollar and Bitcoin. XRP/USD could continue to move down and it may retest the $0.5000 support area in the near term.

Ripple Price Decline

There was no substantial recovery in Ripple price yesterday as it failed to move above the $0.7500 resistance area against the US Dollar. The price traded lower and it recently broke the $0.7000 support level. More importantly, there was a break below the 76.4% Fib retracement level of the last wave from the $0.6040 low to $0.9680 high. It opened the doors for more losses and the price moved below the $0.6000 swing low.

It seems like the price is under a lot of pressure and it could extend declines below $0.5500. The next major support is around the 1.236 Fib extension of the last wave from the $0.6040 low to $0.9680 high at $0.5181. However, there are high chances of XRP retesting the $0.5000 support area in the near term. On the upside, there is a crucial bearish trend line forming with resistance at $0.6200 on the hourly chart of the XRP/USD pair. If the pair corrects higher, it could face sellers near $0.6200 and $0.6500.

Above $0.6500, there could be a recovery towards $0.8000. The overall bias is bearish in the short term and the price is likely to test $0.5000 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is moving near the oversold levels.

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